A company can recognize the work of its employees in many ways. Some examples would be through promotions or giving special awards for exceptional work.
According to a survey conducted by Mint Intuit, most employees think that the best form of recognition is a pay raise. Increasing an employee’s salary gives him the benefit of having more money, but a pay rise may imply so much more, particularly in terms of career growth and development.
Why asking for a pay raise is important
There are numerous factors that influence salary increases. Employers may always highlight market rates but in truth, more than 50% of the time, it is not always about that. During evaluations, an employer will put greater weight on your knowledge, aptitude, and skill set.
Salary negotiation is difficult and scary at times. Nobody is born a natural negotiator. Similar to how price-bargaining is a learned talent, good negotiation takes a whole new mentality. And if you know you deserve more pay, you should face that fear.
Here are 5 steps on how to negotiate:
Recognize your personal worth.
It is important that you are aware of the current rate for your position within that specific type of business, and within your geographic region in order to ensure that you receive the compensation that is rightfully yours.
A recruiter can always sense when an applicant is not aware how much the job is worth. Before trying to negotiate your salary, do your own research to determine if you are being undervalued.
Your contribution to the company goes beyond what is expected of you.
Your contribution to the company goes beyond the job you’re seeking for. Let’s say you are applying for customer support. The company you are applying to does not have a good website and you know that that is something you can help with. You can then command a specific compensation.
Whether you are an existing employee or an applicant, do not be afraid to share about your other talents especially when you know that it can benefit the company more.
Be confident and ready for questions.
Why should you get a raise? If you know your value, answer confidently. Highlight your diplomas and qualifications as proof that you worked hard to master those abilities and passed a certification exam. Know that not everybody has a certificate. And a certificate will always make you stand out from the crowd.
Additionally, show them what you can do by presenting your portfolio. You should emphasize times you went above and above in your work. Be ready with a few thoughts on what tasks you’re thrilled to take on in the coming future, whether that’s freeing up some of your manager’s time or suggesting a new concept.
Never talk about personal needs.
Don’t get caught up in the details of your daily life, such as how much your rent or child care costs. Chances are, you’re not alone in this circumstance, and the company doesn’t care. Make your boss believe you’re worth more by focusing on your achievements and performance.
Be willing to walk away.
This is the hardest part. A “walk away point” is a final offer that’s so low that you can’t accept it. This is something to keep in mind while calculating your numbers. Financial need, market value, or simply what you need to feel good about your salary are all factors to consider when deciding how much money you should be making.
Even though it’s never easy to turn down an opportunity, it’s critical that you know when to say “no” and how to say it.
It’s understandable that many people are hesitant to ask for more money once their job hunt is over. They don’t want to jeopardize the chance now that they’ve gotten this far. Whether you think that your current salary or the salary that a job offers is reasonable, you will eventually become more aware of your own worth in the company. Thus, everybody must learn how to negotiate their salary.
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